Leading cryptocurrency Bitcoin (BTC), On September 18 it rose again with the news from the Federal Reserve front.
Expectations that inflation will continue to rise ahead of the Federal Open Market Committee (FOMC) meeting shook all markets, with the leading cryptocurrency Bitcoin taking a hit as well.
Bitcoin reacts positively to inflation
Bitcoin price very close to $ 49,000 on Coinbase for the day and pegged up to $ 48,825.
Despite this, the price of BTC is expected to break above $ 50,000, which is considered psychological resistance.
The famous analyst David Gokhstein also mentioned the importance of $ 50,000 in his statement on the subject and stressed that the price should stay above this.
#bitcoins you need to get over $ 50,000 and just keep it.
– David Gokhshtein (@davidgokhshtein) September 18, 2021
According to the information transmitted, the inflation data for August rose to 5.3% and the annual inflation rate above 5% fueled concern.
While some experts emphasized that this was below expectations, others noted that this was the highest annual inflation seen in 10 years.
Although there is a lot of uncertainty and confusion about the inflation data for now, it can be clearly seen that the major cryptocurrency Bitcoin reacted positively.
Exante Data founder Jens Nordvig said in a statement on the subject that the quality of inflation data should be analyzed and that there was no such increase in all 82 categories.
On the other hand, when we look at the average, it can be said that inflation is high. BTC, which is considered a safe haven, has been positively affected by this as in 2020.